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Paul argues "in the post-meltdown world, it is irresponsible, ineffective, & ultimately useless to have a serious economic debate without considering & challenging the role of the Federal Reserve."
Ron Paul draws on American history, economics, & anecdotes from his own political life to argue that the Fed is both corrupt & unconstitutional. He states that the Federal Reserve System is inflating currency today at nearly a Weimar or Zimbabwe level, which Paul asserts is a practice that threatens to put the United States into an inflationary depression where the US dollar, which is the reserve currency of the world, would suffer severe devaluation. A major theme throughout the work also revolves around the idea of inflation as a hidden tax making warfare much easier to wage. Because people will reject the notion of increasing direct taxes, inflation is then used to help service the overwhelming debts incurred through warfare. In turn the purchasing power of the masses is diminished, yet most people are unaware. Under Ron Paul's theory, this diminution has the biggest impact on low income individuals since it is a regressive tax. He argues that the CPI presently does not include food and energy, yet these are the items on which the majority of poor peoples' income is spent. He further maintains that most people are not aware that the Fed—created (he asserts) by the Morgans and Rockefellers at a private club off the coast of Georgia—is actually working against their own personal interests. Instead of protecting the people, Paul contends that the Fed now serves as a cartel where "the name of the game is bailout"—or otherwise known as privatized profits but socialized losses.
Historical links between the creation of central banks & war, explaining how inflation and devaluations have been used as war financing tools by many governments from monarchies to democracies.

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